All Forum Posts by: Moshe H.

 Ok, thanks for the clarification. So basically, it's a good market to find 2-families but you really have to be careful with the zoning before you buy to make sure it's not zoned as owner-occupied.

@John Hickey thanks for the update. Just looked at the area, right by the river, nice! Too bad the city is dragging its feet. If they're serious about revitalizing their blighted properties they had better get their act in order.

Good luck at the auction!

@Account Closed, just to clarify, are you saying that houses that were converted to 2-family contrary to code are now being re-established as SF homes? And when you say 2-3 bedroom house, you mean the whole house or each side of a duplex?

Thanks! :)

Hi @Anthony Ciani, welcome to BP! I have just started getting interested in Middletown as it's quite close to me and I like what I'm hearing about Orange County these days, but I'm really not familiar with the area... yet. I'm definitely following this thread.

Nice!

Hi @Stewart Block, I've never heard of them but it sounds quite suspicious to me. Why would they offer you higher than asking price? Monticello is not exactly a hopping market and there was no indication of a bidding war. I'm also wondering... if it was a private individual looking to buy a vacation home and fix it up I would understand paying $43k. But an investor looking to flip it will typically be looking for 70% all-in cost to resale value ratio. If it's conservatively worth $75,000 after a decent rehab, then an investor will be looking to put in no more than $52,500. If s/he invests $43k in the purchase - plus closing costs! - that leaves less than $5,000 for the renovations! Not happening! My 2 cents - Beware.

Out of curiosity (I found your post because I'm researching the area), would this kind of house typically be used only as a vacation house, or would someone looking to live locally want to either buy or rent it?

Thanks!

She may have been overestimating a bit, but not by much, I suspect. "Retail" price for renovations in this area are very, very high. As a newbie who hasn't done one yet, I don't have the contacts to get a really good/wholesale price from a contractor. I do plan to start shopping around though to get a better idea of how I can do it less expensively.

@John Hickey I'd be fascinated to hear how your SF rehab project goes. Keep us posted!

@Tzvi Balsam, do you know anything about Sullivan County / Monticello area?

How was it @Michael Curran? Did you go? Learn anything interesting?

:)